Countries globally raced to boost domestic fossil fuel reserves despite US claims that the Iran war was over.
Australia said it would spend upwards of $7 billion to bolster fuel security, while Norway started production in a long-forgotten oil field, a major boost for Europe’s energy independence. QatarEnergy, meanwhile, canceled two LNG shipments as it looked to bolster its own domestic capacity.
Despite the short-term uptick in fossil fuel spending, though, experts say the war will lead to a long-term shift to renewables as countries vie for energy independence. In a column for Semafor, former US Secretary of State John Kerry said countries that build energy systems with “what they have at home” — citing renewables — will come out the strongest.